ESSA Pharma (EPIX) 10-Q 7 Feb 23 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2022	Feb. 07, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-37410
Entity Registrant Name	ESSA Pharma Inc.
Entity Incorporation, State or Country Code	A1
Entity Address, Country	CA
Entity Tax Identification Number	98-1250703
Entity Address, Address Line One	Suite 720
Entity Address, Address Line Two	999 West Broadway
Entity Address, City or Town	Vancouver
Entity Address State Or Province	BC
Entity Address, Postal Zip Code	V5Z 1K5
City Area Code	778
Local Phone Number	331-0962
Title of 12(b) Security	Common Shares
Trading Symbol	EPIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,092,374
Entity Central Index Key	0001633932
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Current
Cash and cash equivalents	$ 51,220,602	$ 57,076,475
Short-term investments (Note 4)	111,850,895	110,161,029
Receivables	14,640	6,211
Prepaids (Note 5)	1,501,696	1,815,626
Total current assets	164,587,833	169,059,341
Deposits	259,455	259,455
Operating lease right-of-use assets (Note 7)	156,052	186,499
Total assets	165,003,340	169,505,295
Current
Accounts payable and accrued liabilities (Note 6)	2,805,455	2,176,565
Current portion of operating lease liabilities (Note 7)	129,689	133,834
Total current liabilities	2,935,144	2,310,399
Operating lease liabilities (Note 7)	48,274	76,418
Total liabilities	2,983,418	2,386,817
Shareholders' equity
Common shares 44,073,076 issued and outstanding (September 30, 2022 - 44,073,076) (Note 9)	278,141,528	278,089,136
Additional paid-in capital (Note 9)	45,605,010	44,043,503
Accumulated other comprehensive loss	(2,105,718)	(2,135,145)
Accumulated deficit	(159,620,898)	(152,879,016)
Total stockholders equity	162,019,922	167,118,478
Total liabilities and shareholders' equity	$ 165,003,340	$ 169,505,295

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2022	Sep. 30, 2022
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
Common stock, shares issued	44,092,374	44,073,076
Common stock, shares outstanding	44,092,374	44,073,076

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES
Research and development	$ 5,344,250	$ 6,019,759
Financing costs (Note 7)	2,350	4,325
General and administration	2,519,119	3,062,170
Total operating expenses	(7,865,719)	(9,086,254)
Foreign exchange	11,533	13,169
Interest and other income	1,112,304	74,584
Derivative liability loss (Note 8)	0	(99,318)
Loss for the period before taxes	(6,741,882)	(9,097,819)
Income tax expense		(100)
Net loss for the period	(6,741,882)	(9,097,919)
OTHER COMPREHENSIVE LOSS
Unrealized gain on short-term investments (Note 4)	29,427
Loss and comprehensive loss for the period	$ (6,712,455)	$ (9,097,919)
Earnings Per Share [Abstract]
Basic loss per common share	$ (0.15)	$ (0.21)
Diluted loss per common share	$ (0.15)	$ (0.21)
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Weighted average number of common shares outstanding - Basic	44,073,286	43,989,773
Weighted average number of common shares outstanding -Diluted	44,073,286	43,989,773

CONDENSED CONSOLIDATED INTERI_4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period	$ (6,741,882)	$ (9,097,919)
Items not affecting cash and cash equivalents:
Amortization of right-of-use asset	30,447	30,447
Amortization/(Accretion) of premiums/discounts on short-term investments, net	(90,945)	0
Accretion of lease liability	2,350	3,884
Derivative liability gain	0	99,318
Interest income	(689,871)	(38,967)
Unrealized foreign exchange	(207)	24,759
Share-based payments	1,563,608	2,500,091
Changes in non-cash working capital items:
Receivables	(8,429)	504,381
Prepaids	313,930	434,310
Accounts payable and accrued liabilities	626,246	(279,954)
Net cash used in operating activities	(4,994,753)	(5,819,650)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term investments	(90,477,847)	(15,014,700)
Proceeds from short-term investments sold	88,983,690	4,000,000
Interest from short-term investments	617,815	14,660
Net cash used in investing activities	(876,342)	(11,000,040)
CASH FLOWS FROM FINANCING ACTIVITIES
Options exercised	0	104,324
Shares purchased through employee share purchase plan	50,291	27,360
Lease payments	(34,639)	(32,373)
Net cash provided by financing activities	15,652	99,311
Effect of foreign exchange on cash and cash equivalents	(430)	(46,524)
Change in cash and cash equivalents for the period	(5,855,873)	(16,766,903)
Cash and cash equivalents, beginning of period	57,076,475	137,825,024
Cash and cash equivalents, end of period	$ 51,220,602	$ 121,058,121

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - USD ($)	Common shares	Additional paid-incapital	Accumulated other comprehensive loss	Deficit	Total
Beginning Balance at Sep. 30, 2021	$ 277,415,176	$ 36,442,620	$ (2,076,479)	$ (117,775,765)	$ 194,005,552
Beginning Balance, in shares at Sep. 30, 2021	43,984,346
Options exercised	$ 184,512	(80,188)			104,324
Options exercised, shares	29,080
Shares issued through employee share purchase plan	$ 45,936	(18,576)			27,360
Shares issued through employee share purchase plan, shares	2,444
Share-based payments		2,500,091			2,500,091
Loss and comprehensive loss for the year				(9,097,919)	(9,097,919)
Ending Balance at Dec. 31, 2021	$ 277,645,624	38,843,947	(2,076,479)	(126,873,684)	187,539,408
Ending Balance, in shares at Dec. 31, 2021	44,015,870
Beginning Balance at Sep. 30, 2021	$ 277,415,176	36,442,620	(2,076,479)	(117,775,765)	$ 194,005,552
Beginning Balance, in shares at Sep. 30, 2021	43,984,346
Options exercised, shares					72,910
Ending Balance at Sep. 30, 2022	$ 278,089,136	44,043,503	(2,135,145)	(152,879,016)	$ 167,118,478
Ending Balance, in shares at Sep. 30, 2022	44,073,076
Shares issued through employee share purchase plan	$ 52,392	(2,101)			50,291
Shares issued through employee share purchase plan, shares	19,298
Share-based payments		1,563,608			1,563,608
Loss and comprehensive loss for the year			29,427	(6,741,882)	(6,712,455)
Ending Balance at Dec. 31, 2022	$ 278,141,528	$ 45,605,010	$ (2,105,718)	$ (159,620,898)	$ 162,019,922
Ending Balance, in shares at Dec. 31, 2022	44,092,374

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Dec. 31, 2022
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Nature of Operations The Company was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company’s head office address is Suite 720 – 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26 th The Company is focused on the development of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (“NTD”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As of December 31, 2022, no products are in commercial production or use.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION Basis of Presentation These accompanying unaudited condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with United States’ Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these condensed consolidated interim financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended September 30, 2022 and included in the Company’s 2022 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on December 13, 2022. ​ These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended December 31, 2022 and 2021 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2022 Annual Report on Form 10-K for the year ended September 30, 2022, with the exception of any policies described in Note 3. ​ These accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. The accompanying condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial assets measured at fair value. All amounts expressed in these accompanying condensed consolidated interim financial statements and the accompanying notes are expressed in United States dollars, except per share data and where otherwise indicated. References to “$” are to United States dollars and references to “C$” are to Canadian dollars. Use of Estimates The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Dec. 31, 2022
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	3. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements not yet adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated interim financial statements. Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statement presentation or disclosures.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	3 Months Ended
	Dec. 31, 2022
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS	4. SHORT-TERM INVESTMENTS ​ Short-term investments consist of guaranteed investment certificates (“GICs”) held at financial institutions purchased in accordance with the Company’s treasury policy. These GICs and term deposits bear interest at 1.58%-4.65% per annum and have maturities of up to 12 months. ​ Short-term investments also consist of U.S. treasury securities, corporate debt securities and commercial paper. The Company has classified these investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investment securities as current assets. Those investments with maturity dates of three months or less at the date of purchase are presented as cash equivalents in the accompanying balance sheets. Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive loss as a component of shareholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded as interest income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Amortized ​ Unrealized ​ ​ Accrued ​ ​ Estimated ​ ​ Cost ​ Gains ​ Losses ​ Interest ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GICs and Term deposits ​ $ 90,239,312 $ — $ — $ 412,808 $ 90,652,120 U.S. Treasury securities ​ ​ 16,370,211 ​ ​ — ​ ​ (24,960) ​ ​ 36,700 ​ ​ 16,381,951 Corporate debt securities ​ 2,808,219 ​ — ​ (4,279) ​ 23,646 ​ 2,827,586 Commercial paper ​ 1,989,238 ​ — ​ — ​ — ​ 1,989,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 111,406,980 $ — $ (29,239) $ 473,154 $ 111,850,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ Amortized ​ Unrealized ​ ​ Accrued ​ ​ Estimated ​ ​ Cost ​ Gains ​ Losses ​ Interest ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GICs and Term deposits ​ $ 89,688,690 $ — $ — $ 316,960 $ 90,005,650 U.S. Treasury securities ​ ​ 11,149,053 ​ ​ — ​ ​ (39,590) ​ ​ 39,720 ​ ​ 11,149,183 Corporate debt securities ​ 3,034,417 ​ — ​ (19,076) ​ 29,258 ​ 3,044,599 Commercial paper ​ 5,961,597 ​ — ​ — ​ — ​ 5,961,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 109,833,757 $ — $ (58,666) $ 385,938 $ 110,161,029 ​ As of December 31, 2022, short-term investments have an aggregate fair market value of $111.9 million (September 30, 2022 – $110.2 million) were in an aggregate gross unrealized loss position of $29,239 (September 30, 2022 - $58,666 ). The Company considers the decline in market value for the securities to be primarily attributable to current economic and market conditions. These particular investments have been in an unrealized loss position for less than 12 months and it is not more likely than not that the Company will be required to sell any of its securities prior to maturity. Accordingly, no allowance for credit losses has been recorded as of December 31, 2022 and no realized gains or losses on sales of short-term investments have been recorded through December 31, 2022.

PREPAIDS

PREPAIDS	3 Months Ended
	Dec. 31, 2022
PREPAIDS
PREPAIDS	5. PREPAIDS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ September 30, ​ 2022 2022 ​ ​ ​ ​ ​ ​ ​ Prepaid insurance ​ $ 1,128,061 $ 1,611,516 Prepaid CMC and clinical expenses and deposits ​ 181,835 ​ 181,835 Other deposits and prepaid expenses ​ 191,800 ​ 22,275 ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 1,501,696 $ 1,815,626 ​

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	​ 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ September 30, ​ 2022 2022 ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 1,635,455 $ 954,598 Accrued expenses ​ 738,393 ​ 807,484 Accrued vacation ​ 431,607 ​ 414,483 ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 2,805,455 $ 2,176,565 ​

OPERATING LEASE

OPERATING LEASE	3 Months Ended
	Dec. 31, 2022
OPERATING LEASE
OPERATING LEASE	7. OPERATING LEASE ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ Balance, September 30, 2021 ​ $ 308,286 Amortization ​ ​ (30,447) ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 277,839 ​ ​ ​ ​ Balance, September 30, 2022 ​ $ 186,499 Amortization ​ ​ (30,447) ​ ​ ​ ​ Balance, December 31, 2022 ​ $ 156,052 ​ ​ ​ ​ Operating lease liabilities ​ Balance, September 30, 2021 ​ $ 330,970 Accretion ​ ​ 3,884 Lease payments ​ ​ (32,373) ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 302,481 ​ ​ ​ ​ Balance, September 30, 2022 ​ $ 210,252 Accretion ​ ​ 2,350 Lease payments ​ ​ (34,639) ​ ​ ​ ​ Balance, December 31, 2022 ​ $ 177,963 ​ ​ ​ ​ Operating lease liabilities with expected life of less than one year $ 129,689 Operating lease liabilities with expected life greater than one year $ 48,274 ​ The Company recognizes a right-of-use asset for the right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate as the Company’s leases do not provide an implicit interest rate. At December 31, 2022, the Company’s incremental borrowing rate was 5.0% and the remaining lease term for the South San Francisco office was 17 months and Houston office was 7 months. Accretion expense of $2,350 (2021 - $3,884) has been recorded in “financing costs” in the condensed consolidated interim statements of operations and comprehensive loss.

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	3 Months Ended
	Dec. 31, 2022
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES	8. DERIVATIVE LIABILITIES In January 2016, the Company completed a private placement of 227,273 units of the Company at $66.00 per unit (“Unit”) for gross proceeds of $14,999,992. Each Unit consisted of one common share of the Company, one 7-year 7-Year one half 2-year 2-Year 7-Year 2-Year 7-Year 7-Year 7-Year 7-Year 7-Year Additionally, the 2016 Warrants contain provisions which may require the Company to redeem the 2016 Warrants, at the option of the holder, in the event of a major transaction, such as a change of control or sale of the Company’s assets (“Major Transaction”). The redemption value would be subject to a Black-Scholes valuation at the time of exercise. In the event the consideration for a Major Transaction payable to the common shareholders is in cash, in whole or in part, the redemption of the 2016 Warrants would be made in cash pro-rata to the composition of the consideration. The potential for a cash settlement for the 2016 Warrants outside the control of the Company, in accordance with U.S. GAAP, requires the 2016 Warrants to be treated as financial liabilities measured at fair value through profit or loss. The 2016 Warrants are not traded in an active market. All 227,273 warrants expired unexercised subsequent to December 31, 2022. Valuation The Company uses the Black-Scholes option pricing model to estimate fair value. The following weighted average assumptions were used to estimate the fair value of the derivative warrant liabilities on December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate 4.13 % ​ 1.04 % Expected life 0.03 years ​ 1.03 years Expected annualized volatility 63.8 % ​ 95.4 % Dividend — ​ — ​ Liquidity discount 20 % ​ 20 % ​ The following table is a continuity schedule of changes to the Company’s derivative liabilities: ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Balance, September 30, 2021 $ 20,352 Change in fair value ​ 99,318 ​ ​ ​ ​ Balance, December 31, 2021 $ 119,670 ​ ​ ​ ​ Balance, September 30, 2022 $ — Change in fair value ​ — ​ ​ ​ ​ Balance, December 31, 2022 $ — ​ ​ ​ ​ Derivatives with expected life of less than one year $ — Derivatives with expected life greater than one year $ — ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Dec. 31, 2022
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	9. SHAREHOLDERS’ EQUITY Authorized Unlimited common shares, without par value. Unlimited preferred shares, without par value. February 2021 Financing On February 22, 2021, the Company completed an underwritten public offering for aggregate gross proceeds of $149,999,985 (the “ February 2021 Financing 30-day Nomination Rights In connection with a January 2016 private placement of 227,273 Units, a Unit consisting of one common share, one 7-year one 2-year Clarus Omnibus incentive plans The Company has adopted an omnibus incentive plan (“Omnibus Plan”) consistent with the policies and rules of the Nasdaq. Pursuant to the Omnibus Plan, the Company may issue stock options, share appreciation rights, restricted shares, restricted share units and other share-based awards. As of December 31, 2022, the Company has not issued any instruments other than stock options under the Omnibus Plan. As of December 31, 2022, the Omnibus Plan has a maximum of 8,410,907 common shares which may be reserved for issuance. Employee Share Purchase Plan The Company has adopted an Employee Share Purchase Plan (“ESPP”) under which qualifying employees may be granted purchase rights (“Purchase Rights”) to the Company’s common shares at not less of 85% of the market price at the lesser of the date the Purchase Right is granted or exercisable. The Company currently holds offerings consisting of six month periods commencing on January 1 and July 1 of each calendar year, with a single purchase date at the end of the purchase period on June 30 and December 31 of each calendar year. As of December 31, 2022, the ESPP has a maximum of 217,300 (2021 – 249,974) common shares reserved for issuance. Eligible employees are able to contribute up to 15% of their gross base earnings for purchases under the ESPP through regular payroll deductions. Purchase of shares under the ESPP are limited for each employee at $25,000 worth of the Company’s common shares (determined using the lesser of (i) the market price of a common share on the first day of an applicable purchase period and (ii) the market price of a common share on the purchase date) for each calendar year in which a purchase right is outstanding. During the three months ended December 31, 2022, the Company issued 19,298 shares (2021 – 2,444) upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Research and development expense ​ $ 598 $ 8,483 General and administrative ​ 453 ​ 805 ​ ​ $ 1,051 ​ $ 9,288 ​ The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights: ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ December 31, ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ Risk-free interest rate 2.65 % 0.20 % Expected life of share purchase rights 6 months 6 months Expected annualized volatility 73.17 % 64.43 % Dividend — — ​ Stock options Pursuant to the Omnibus Plan, options may be granted with expiry terms of up to 10 years, and vesting criteria and periods are approved by the Board of Directors at its discretion. The options issued under the Stock Option Plan are accounted for as equity-settled share-based payments. Stock option transactions are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of Options ​ Exercise Price* ​ ​ ​ ​ ​ Balance, September 30, 2021 6,803,230 ​ $ 5.20 Options granted 1,347,500 ​ 4.55 Options exercised ​ (72,910) ​ ​ (4.41) Options expired/forfeited (175,759) ​ (3.60) ​ ​ ​ ​ ​ ​ Balance, September 30, 2022 7,902,061 ​ $ 5.13 Options granted 20,000 ​ 3.75 ​ ​ ​ ​ ​ ​ Balance outstanding, December 31, 2022 7,922,061 ​ $ 5.13 Balance exercisable, December 31, 2022 5,003,233 ​ $ 4.70 * Options exercisable in Canadian dollars as of December 31, 2022 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options. At December 31, 2022, options were outstanding enabling holders to acquire common shares as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining ​ ​ Exercise price ​ Number of options ​ contractual life (years) ​ ​ ​ ​ ​ ​ ​ ​ $ 2.39 ​ 50,000 ​ 9.71 ​ $ 3.23 ​ 3,629,400 ​ 6.77 ​ $ 3.59 26,667 6.80 ​ $ 3.60 * 937,500 9.50 ​ $ 3.75 20,000 9.93 ​ $ 3.81 185,816 6.11 ​ $ 4.00 * 539,518 4.97 ​ $ 4.67 ​ 183,511 6.84 ​ $ 5.99 * 190,000 9.31 ​ $ 7.00 1,475,146 7.95 ​ $ 8.47 120,000 8.79 ​ $ 9.76 50,000 9.13 ​ $ 13.96 190,000 8.04 ​ $ 29.63 100,000 8.33 ​ $ 31.62 75,000 8.42 ​ C$ 4.90 129,503 4.41 ​ C$ 5.06 20,000 6.11 ​ ​ ​ 7,922,061 7.34 ​ * 51,787 options expired unexercised subsequent to December 31, 2022 Share-based compensation During the three months ended December 31, 2022, the Company granted a total of 20,000 (2021 – 120,000) stock options with a weighted average fair value of $3.11 per option (2021 - $6.79). The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended December 31, 2022 and 2021 with allocations to its functional expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Research and development expense ​ $ 790,594 $ 1,250,868 General and administrative ​ 771,966 ​ 1,239,935 ​ ​ $ 1,562,560 $ 2,490,803 ​ The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate 4.18 % 0.86 % Expected life of options 10.00 years 10.00 years Expected annualized volatility 79.00 % 80.00 % Dividend — — ​ ​ Warrants Warrant transactions are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of Warrants ​ Exercise Price ​ ​ ​ ​ ​ Balance, September 30, 2021 3,234,750 ​ $ 4.84 Warrants exercised — ​ — ​ ​ ​ ​ ​ ​ Balance outstanding and exercisable, September 30, 2022 and December 31, 2022 3,234,750 ​ $ 4.84 ​ ​ At December 31, 2022, warrants were outstanding enabling holders to acquire common shares as follows: ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ of Warrants ​ ​ Exercise Price ​ Expiry Date ​ ​ ​ ​ ​ ​ ​ 227,273 (1) * US$ 66.00 January 14, 2023 7,477 ​ US$ 42.80 November 18, 2023 80,000 ​ * US$ 4.00 January 9, 2023 2,920,000 ​ ​ US$ 0.0001 August 23, 2024 3,234,750 ​ ​ (1) Detailed terms of the 2016 Warrants are included in Note 8. * 307,273 warrants expired unexercised subsequent to December 31, 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Included in accounts payable and accrued liabilities at December 31, 2022 is $90,956 (September 30, 2022 - $81,225) due to related parties with respect to key management personnel compensation and expense reimbursements. Amounts due to related parties are non-interest bearing, with no fixed terms of repayment.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	3 Months Ended
	Dec. 31, 2022
SEGMENTED INFORMATION
SEGMENTED INFORMATION	11. SEGMENTED INFORMATION The Company works in one industry being the development of small molecule drugs for prostate cancer. The Company’s right of use assets are located in the USA.

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK	3 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK	12. FINANCIAL INSTRUMENTS AND RISK The Company’s financial instruments consist of cash and cash equivalents, short-term investments, receivables, accounts payable and accrued liabilities and derivative liabilities. The fair value of cash and cash equivalents, GICs and term deposists included in short-term investments, receivables and accounts payable and accrued liabilities approximates their carrying values due to their short term to maturity. The fair value of U.S. treasury securities, corporate debt securities and commercial paper included in short-term investments are measured using Level 2 inputs based on standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers (Note 4).The derivative liabilities are measured using Level 3 inputs (Note 8). Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of judgement, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. Financial risk factors The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: Credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and receivables. The Company limits its exposure to credit loss by placing its cash with major financial institutions. The Company considers highly liquid investments with a maturity of up to twelve months when purchased to be short-term investments. Short-term investments includes investments that may have maturity dates exceeding one year at the date of purchase; however, the Company may liquidate investment positions prior to maturity to implement management strategies. The Company maintains an investment policy which requires certain minimum investment grades over its investment instruments. As of December 31, 2022, cash and cash equivalents consisted of cash in Canada and the United States and term deposits in Canada and investments in certain instruments which have a maturity of less than three months at the date of purchase. Balances in cash accounts exceed amounts insured by the Canada Deposit Insurance Corporation for up to C$100,000 and by the Federal Deposit Insurance Corporation for up to $250,000. Amounts due from government agencies are considered to have minimal credit risk. Liquidity risk The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As of December 31, 2022, the Company had working capital of $161,652,689. The Company does not generate revenue and will be reliant on external financing to fund operations. Debt and equity financing are dependent on market conditions and may not be available on favorable terms. Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, and foreign exchange rates. (a) As of December 31, 2022, the Company has cash and cash equivalents balances and short-term investments which are interest bearing. Interest income is not central to the Company’s capital management strategy and not significant to the Company’s projected operational budget. Interest rate fluctuations are not significant to the Company’s risk assessment. (b) The Company’s foreign currency risk exposure relates to net monetary assets denominated in Canadian dollars and Euro. The Company maintains its cash and cash equivalents in U.S. dollars and converts on an as needed basis to discharge Canadian denominated expenditures. A 10% change in the foreign exchange rate between the Canadian dollar, Euro and U.S. dollar in relation to Canadian dollar and Euro dollars held at December 31, 2022 would result in a fluctuation of $1,966 in the net loss recognized for the period. The Company does not currently engage in hedging activities.

BASIS OF PRESENTATION (Policy)

BASIS OF PRESENTATION (Policy)	3 Months Ended
	Dec. 31, 2022
BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation These accompanying unaudited condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with United States’ Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these condensed consolidated interim financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended September 30, 2022 and included in the Company’s 2022 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on December 13, 2022. ​ These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended December 31, 2022 and 2021 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2022 Annual Report on Form 10-K for the year ended September 30, 2022, with the exception of any policies described in Note 3. ​ These accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. The accompanying condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial assets measured at fair value. All amounts expressed in these accompanying condensed consolidated interim financial statements and the accompanying notes are expressed in United States dollars, except per share data and where otherwise indicated. References to “$” are to United States dollars and references to “C$” are to Canadian dollars.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	3 Months Ended
	Dec. 31, 2022
SHORT-TERM INVESTMENTS
Schedule of available for sale securities reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Amortized ​ Unrealized ​ ​ Accrued ​ ​ Estimated ​ ​ Cost ​ Gains ​ Losses ​ Interest ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GICs and Term deposits ​ $ 90,239,312 $ — $ — $ 412,808 $ 90,652,120 U.S. Treasury securities ​ ​ 16,370,211 ​ ​ — ​ ​ (24,960) ​ ​ 36,700 ​ ​ 16,381,951 Corporate debt securities ​ 2,808,219 ​ — ​ (4,279) ​ 23,646 ​ 2,827,586 Commercial paper ​ 1,989,238 ​ — ​ — ​ — ​ 1,989,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 111,406,980 $ — $ (29,239) $ 473,154 $ 111,850,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ ​ Amortized ​ Unrealized ​ ​ Accrued ​ ​ Estimated ​ ​ Cost ​ Gains ​ Losses ​ Interest ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GICs and Term deposits ​ $ 89,688,690 $ — $ — $ 316,960 $ 90,005,650 U.S. Treasury securities ​ ​ 11,149,053 ​ ​ — ​ ​ (39,590) ​ ​ 39,720 ​ ​ 11,149,183 Corporate debt securities ​ 3,034,417 ​ — ​ (19,076) ​ 29,258 ​ 3,044,599 Commercial paper ​ 5,961,597 ​ — ​ — ​ — ​ 5,961,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 109,833,757 $ — $ (58,666) $ 385,938 $ 110,161,029 ​

PREPAIDS (Tables)

PREPAIDS (Tables)	3 Months Ended
	Dec. 31, 2022
PREPAIDS
Schedule of Prepaid Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ September 30, ​ 2022 2022 ​ ​ ​ ​ ​ ​ ​ Prepaid insurance ​ $ 1,128,061 $ 1,611,516 Prepaid CMC and clinical expenses and deposits ​ 181,835 ​ 181,835 Other deposits and prepaid expenses ​ 191,800 ​ 22,275 ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 1,501,696 $ 1,815,626

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Dec. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of Accounts Payable and Accrued Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ September 30, ​ 2022 2022 ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 1,635,455 $ 954,598 Accrued expenses ​ 738,393 ​ 807,484 Accrued vacation ​ 431,607 ​ 414,483 ​ ​ ​ ​ ​ ​ ​ Balance, end of period ​ $ 2,805,455 $ 2,176,565

OPERATING LEASE (Tables)

OPERATING LEASE (Tables)	3 Months Ended
	Dec. 31, 2022
OPERATING LEASE
Schedule of Operating Leases	​ ​ ​ ​ ​ Operating lease right-of-use assets ​ Balance, September 30, 2021 ​ $ 308,286 Amortization ​ ​ (30,447) ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 277,839 ​ ​ ​ ​ Balance, September 30, 2022 ​ $ 186,499 Amortization ​ ​ (30,447) ​ ​ ​ ​ Balance, December 31, 2022 ​ $ 156,052 ​ ​ ​ ​ Operating lease liabilities ​ Balance, September 30, 2021 ​ $ 330,970 Accretion ​ ​ 3,884 Lease payments ​ ​ (32,373) ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 302,481 ​ ​ ​ ​ Balance, September 30, 2022 ​ $ 210,252 Accretion ​ ​ 2,350 Lease payments ​ ​ (34,639) ​ ​ ​ ​ Balance, December 31, 2022 ​ $ 177,963 ​ ​ ​ ​ Operating lease liabilities with expected life of less than one year $ 129,689 Operating lease liabilities with expected life greater than one year $ 48,274 ​

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Dec. 31, 2022
DERIVATIVE LIABILITIES
Fair Value Measurement Inputs and Valuation Techniques	The Company uses the Black-Scholes option pricing model to estimate fair value. The following weighted average assumptions were used to estimate the fair value of the derivative warrant liabilities on December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate 4.13 % ​ 1.04 % Expected life 0.03 years ​ 1.03 years Expected annualized volatility 63.8 % ​ 95.4 % Dividend — ​ — ​ Liquidity discount 20 % ​ 20 % ​
Schedule of Changes to Derivative Liabilities	The following table is a continuity schedule of changes to the Company’s derivative liabilities: ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Balance, September 30, 2021 $ 20,352 Change in fair value ​ 99,318 ​ ​ ​ ​ Balance, December 31, 2021 $ 119,670 ​ ​ ​ ​ Balance, September 30, 2022 $ — Change in fair value ​ — ​ ​ ​ ​ Balance, December 31, 2022 $ — ​ ​ ​ ​ Derivatives with expected life of less than one year $ — Derivatives with expected life greater than one year $ —

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Warrants Activity	Warrant transactions are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of Warrants ​ Exercise Price ​ ​ ​ ​ ​ Balance, September 30, 2021 3,234,750 ​ $ 4.84 Warrants exercised — ​ — ​ ​ ​ ​ ​ ​ Balance outstanding and exercisable, September 30, 2022 and December 31, 2022 3,234,750 ​ $ 4.84 ​ ​
Summary of Warrants Outstanding	​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ of Warrants ​ ​ Exercise Price ​ Expiry Date ​ ​ ​ ​ ​ ​ ​ 227,273 (1) * US$ 66.00 January 14, 2023 7,477 ​ US$ 42.80 November 18, 2023 80,000 ​ * US$ 4.00 January 9, 2023 2,920,000 ​ ​ US$ 0.0001 August 23, 2024 3,234,750 ​ ​ (1) Detailed terms of the 2016 Warrants are included in Note 8. * 307,273 warrants expired unexercised subsequent to December 31, 2022
Employee Share Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share Based Compensation Expense	During the three months ended December 31, 2022, the Company issued 19,298 shares (2021 – 2,444) upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ December 31, ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Research and development expense ​ $ 598 $ 8,483 General and administrative ​ 453 ​ 805 ​ ​ $ 1,051 ​ $ 9,288 ​
Weighted Average Assumptions for the Valuation of Stock Options	The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights: ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ December 31, ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ Risk-free interest rate 2.65 % 0.20 % Expected life of share purchase rights 6 months 6 months Expected annualized volatility 73.17 % 64.43 % Dividend — — ​
Stock Options Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share Based Compensation Expense	The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended December 31, 2022 and 2021 with allocations to its functional expense as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Research and development expense ​ $ 790,594 $ 1,250,868 General and administrative ​ 771,966 ​ 1,239,935 ​ ​ $ 1,562,560 $ 2,490,803 ​
Weighted Average Assumptions for the Valuation of Stock Options	The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate 4.18 % 0.86 % Expected life of options 10.00 years 10.00 years Expected annualized volatility 79.00 % 80.00 % Dividend — — ​ ​
Summary of Stock Option Activity	Stock option transactions are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of Options ​ Exercise Price* ​ ​ ​ ​ ​ Balance, September 30, 2021 6,803,230 ​ $ 5.20 Options granted 1,347,500 ​ 4.55 Options exercised ​ (72,910) ​ ​ (4.41) Options expired/forfeited (175,759) ​ (3.60) ​ ​ ​ ​ ​ ​ Balance, September 30, 2022 7,902,061 ​ $ 5.13 Options granted 20,000 ​ 3.75 ​ ​ ​ ​ ​ ​ Balance outstanding, December 31, 2022 7,922,061 ​ $ 5.13 Balance exercisable, December 31, 2022 5,003,233 ​ $ 4.70 * Options exercisable in Canadian dollars as of December 31, 2022 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options.
Summary of Stock Option Outstanding	At December 31, 2022, options were outstanding enabling holders to acquire common shares as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining ​ ​ Exercise price ​ Number of options ​ contractual life (years) ​ ​ ​ ​ ​ ​ ​ ​ $ 2.39 ​ 50,000 ​ 9.71 ​ $ 3.23 ​ 3,629,400 ​ 6.77 ​ $ 3.59 26,667 6.80 ​ $ 3.60 * 937,500 9.50 ​ $ 3.75 20,000 9.93 ​ $ 3.81 185,816 6.11 ​ $ 4.00 * 539,518 4.97 ​ $ 4.67 ​ 183,511 6.84 ​ $ 5.99 * 190,000 9.31 ​ $ 7.00 1,475,146 7.95 ​ $ 8.47 120,000 8.79 ​ $ 9.76 50,000 9.13 ​ $ 13.96 190,000 8.04 ​ $ 29.63 100,000 8.33 ​ $ 31.62 75,000 8.42 ​ C$ 4.90 129,503 4.41 ​ C$ 5.06 20,000 6.11 ​ ​ ​ 7,922,061 7.34 ​ * 51,787 options expired unexercised subsequent to December 31, 2022

SHORT-TERM INVESTMENTS - Realiz

SHORT-TERM INVESTMENTS - Realized gains and losses (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	$ 111,406,980	$ 109,833,757
Unrealized Losses	(29,239)	(58,666)
Accrued Interest	$ 473,154	$ 385,938
Accrued Interest - extensible enumeration	Short-term investments (Note 4)	Short-term investments (Note 4)
Estimated Fair Value	$ 111,850,895	$ 110,161,029
Unrealized loss position	0
Gains or losses on sales of short-term investments	0
GICs and Term deposits
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	90,239,312	89,688,690
Accrued Interest	412,808	316,960
Estimated Fair Value	90,652,120	90,005,650
U.S. Treasury securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	16,370,211	11,149,053
Unrealized Losses	(24,960)	(39,590)
Accrued Interest	36,700	39,720
Estimated Fair Value	16,381,951	11,149,183
Corporate debt securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	2,808,219	3,034,417
Unrealized Losses	(4,279)	(19,076)
Accrued Interest	23,646	29,258
Estimated Fair Value	2,827,586	3,044,599
Commercial paper
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	1,989,238	5,961,597
Estimated Fair Value	$ 1,989,238	$ 5,961,597

SHORT-TERM INVESTMENTS (Narrati

SHORT-TERM INVESTMENTS (Narrative) (Details) - GICs and Term deposits	3 Months Ended
	Dec. 31, 2022
Minimum
Guaranteed investment certificates, interest rate	1.58%
Maximum
Guaranteed investment certificates, interest rate	4.65%
Guaranteed investment certificates, maturity term	12 months

PREPAIDS (Schedule of Prepaid E

PREPAIDS (Schedule of Prepaid Expenses) (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
PREPAIDS
Prepaid insurance	$ 1,128,061	$ 1,611,516
Prepaid CMC and clinical expenses and deposits	181,835	181,835
Other deposits and prepaid expenses	191,800	22,275
Balance, end of period	$ 1,501,696	$ 1,815,626

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 1,635,455	$ 954,598
Accrued expenses	738,393	807,484
Accrued vacation	431,607	414,483
Balance, end of period	$ 2,805,455	$ 2,176,565

OPERATING LEASE (Schedule of Op

OPERATING LEASE (Schedule of Operating Leases) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Increase (Decrease) in Operating Lease, Right-of-Use Asset [Roll Forward]
Balance, at beginning of the period	$ 186,499	$ 308,286
Amortization	(30,447)	(30,447)
Balance, at end of the period	156,052	277,839
Increase (Decrease) in Operating Lease Liabilities [Roll Forward]
Balance, at beginning of the period	210,252	330,970
Accretion	2,350	3,884
Lease payments	(34,639)	(32,373)
Balance, at end of the period	177,963	302,481
Operating lease liabilities with expected life of less than one year	129,689		$ 133,834
Operating lease liabilities with expected life greater than one year	48,274		$ 76,418
Financing costs
Increase (Decrease) in Operating Lease Liabilities [Roll Forward]
Accretion	$ 2,350	$ 3,884

OPERATING LEASE (Narrative) (De

OPERATING LEASE (Narrative) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Incremental borrowing rate	5%
Accretion expense	$ 2,350	$ 3,884
South San Francisco Office
Remaining lease term	17 months
Houston Office
Remaining lease term	7 months
Financing costs
Accretion expense	$ 2,350	$ 3,884

DERIVATIVE LIABILITIES (Narrati

DERIVATIVE LIABILITIES (Narrative) (Details)		1 Months Ended
	Feb. 09, 2023 shares	Feb. 09, 2023 shares	Jan. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	Sep. 30, 2021 $ / shares
DERIVATIVE LIABILITIES
Exercise price (in dollars per share) | $ / shares				$ 4.84	$ 4.84
Warrants Expired | shares		307,273
Private Placement [Member]
DERIVATIVE LIABILITIES
Shares issued | shares			227,273
Unit price (in dollars per share) | $ / shares			$ 66
Fair value of units issued | $			$ 14,999,992
Exercise price (in dollars per share) | $ / shares			$ 66
Units issued in private placement, conversion ratio			1
Private Placement [Member] | Subsequent Event [Member]
DERIVATIVE LIABILITIES
Warrants Expired | shares	227,273
Private Placement [Member] | 2 Year Warrants [Member]
DERIVATIVE LIABILITIES
Units issued in private placement, conversion ratio			0.5
Term of warrant			2 years
Private Placement [Member] | 7 Year Warrants [Member]
DERIVATIVE LIABILITIES
Units issued in private placement, conversion ratio			1
Term of warrant			7 years

DERIVATIVE LIABILITIES (Fair Va

DERIVATIVE LIABILITIES (Fair Value Measurement Inputs and Valuation Techniques) (Details) - Weighted Average [Member]	Dec. 31, 2022 Y	Dec. 31, 2021 Y
Risk-free Interest Rate [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.0413	0.0104
Expected Life (in Years) [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.03	1.03
Expected Annualized Volatility [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.638	0.954
Dividend [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0	0
Liquidity Discount [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.20	0.20

DERIVATIVE LIABILITIES (Schedul

DERIVATIVE LIABILITIES (Schedule of Changes of Derivative Liabilities) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
DERIVATIVE LIABILITIES
Beginning balance	$ 0	$ 20,352
Change in fair value	0	99,318
Ending balance	0	$ 119,670
Derivatives with expected life of less than one year	0
Derivatives with expected life greater than one year	$ 0

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details)		1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 22, 2021 USD ($) $ / shares shares	Jan. 31, 2016 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Sep. 30, 2022 shares
SHAREHOLDERS' EQUITY
Options granted			20,000	120,000	1,347,500
Weighted average fair value of options granted | $ / shares			$ 3.11	$ 6.79
Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Shares issued			19,298	2,444
Offering term			6 months
Maximum eligibility to common shares amount | $			$ 25,000
Stock Options [Member]
SHAREHOLDERS' EQUITY
Option expiration period			10 years
Minimum | Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Price percentage of common share granted			85%
Maximum | Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Common shares reserved for issuance			217,300	249,974
Employee contribution percentage			15%
Maximum | Stock Options and RSU Plan [Member]
SHAREHOLDERS' EQUITY
Common shares reserved for issuance			8,410,907
February 2021 Financing [Member]
SHAREHOLDERS' EQUITY
Aggregate gross proceeds | $	$ 149,999,985
Shares issued	5,555,555
Offering price per share | $ / shares	$ 27
Underwriter option to purchase additional securities	724,637
Term of underwriters option	30 days
Cash commissions paid | $	$ 8,999,999
Share issuance transaction costs | $	$ 229,451
Private Placement [Member]
SHAREHOLDERS' EQUITY
Shares issued		227,273
Offering price per share | $ / shares		$ 66
Number of Units issued		227,273
Units issued in private placement, conversion ratio		1
Private Placement [Member] | 2 Year Warrants [Member]
SHAREHOLDERS' EQUITY
Term of warrant		2 years
Units issued in private placement, conversion ratio		0.5
Private Placement [Member] | 7 Year Warrants [Member]
SHAREHOLDERS' EQUITY
Term of warrant		7 years
Units issued in private placement, conversion ratio		1
Private Placement [Member] | Clarus Lifesciences III, L.P [Member]
SHAREHOLDERS' EQUITY
Number of shares acquired by shareholders		106,061
Minimum number of shares required to be held for nomination rights		53,030

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Share Based Compensation Expenses) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	$ 1,051	$ 9,288
Employee Share Purchase Plan [Member] | Research and Development [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	598	8,483
Employee Share Purchase Plan [Member] | General and Administrative
SHAREHOLDERS' EQUITY
Compensation Expense	453	805
Stock Options Plan [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	1,562,560	2,490,803
Stock Options Plan [Member] | Research and Development [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	790,594	1,250,868
Stock Options Plan [Member] | General and Administrative
SHAREHOLDERS' EQUITY
Compensation Expense	$ 771,966	$ 1,239,935

SHAREHOLDERS' EQUITY (Weighted

SHAREHOLDERS' EQUITY (Weighted Average Assumptions for the Valuation of Purchase Rights) (Details)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Share Purchase Plan [Member]
Weighted average assumptions
Risk-free interest rate	2.65%	0.20%
Expected life of share purchase options	6 months	6 months
Expected annualized volatility	73.17%	64.43%
Dividend	0%	0%
Stock Options Plan [Member]
Weighted average assumptions
Risk-free interest rate	4.18%	0.86%
Expected life of share purchase options	10 years	10 years
Expected annualized volatility	79%	80%
Dividend	0%	0%

SHAREHOLDERS' EQUITY (Summary o

SHAREHOLDERS' EQUITY (Summary of Stock Option Activity) (Details) - $ / shares	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Number of Options
Beginning balance (in shares)	7,902,061	6,803,230	6,803,230
Options granted (in shares)	20,000	120,000	1,347,500
Options exercised (in shares)			(72,910)
Options expired/forfeited (in shares)			(175,759)
Ending balance (in shares)	7,922,061		7,902,061
Balance exercisable (in shares)	5,003,233
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 5.13	$ 5.20	$ 5.20
Options granted (in dollars per share)	3.75		4.55
Options exercised (in dollars per share)			(4.41)
Options expired/forfeited (in dollars per share)			(3.60)
Ending balance (in dollars per share)	5.13		$ 5.13
Options exercisable (in dollars per share)	$ 4.70

SHAREHOLDERS' EQUITY (Summary_2

SHAREHOLDERS' EQUITY (Summary of Stock Option Outstanding) (Details)	1 Months Ended	3 Months Ended
	Feb. 09, 2023 shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares	Sep. 30, 2021 $ / shares shares
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 5.13		$ 5.13	$ 5.20
Number of options		7,922,061	7,922,061	7,902,061	6,803,230
Weighted average remaining contractual life (years)		7 years 4 months 2 days
Options expired unexercised	51,787
Exercise Price $2.39 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 2.39
Number of options		50,000	50,000
Weighted average remaining contractual life (years)		9 years 8 months 15 days
Exercise Price $3.23 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 3.23
Number of options		3,629,400	3,629,400
Weighted average remaining contractual life (years)		6 years 9 months 7 days
Exercise Price $3.59 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 3.59
Number of options		26,667	26,667
Weighted average remaining contractual life (years)		6 years 9 months 18 days
Exercise Price $3.60 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 3.60
Number of options		937,500	937,500
Weighted average remaining contractual life (years)		9 years 6 months
Exercise Price $3.75 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 3.75
Number of options		20,000	20,000
Weighted average remaining contractual life (years)		9 years 11 months 4 days
Exercise Price $3.81 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 3.81
Number of options		185,816	185,816
Weighted average remaining contractual life (years)		6 years 1 month 9 days
Exercise Price $4.00 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 4
Number of options		539,518	539,518
Weighted average remaining contractual life (years)		4 years 11 months 19 days
Exercise Price $4.67 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 4.67
Number of options		183,511	183,511
Weighted average remaining contractual life (years)		6 years 10 months 2 days
Exercise Price $5.99 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 5.99
Number of options		190,000	190,000
Weighted average remaining contractual life (years)		9 years 3 months 21 days
Exercise Price $7.00 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 7
Number of options		1,475,146	1,475,146
Weighted average remaining contractual life (years)		7 years 11 months 12 days
Exercise Price $8.47 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 8.47
Number of options		120,000	120,000
Weighted average remaining contractual life (years)		8 years 9 months 14 days
Exercise Price $13.96 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 13.96
Number of options		190,000	190,000
Weighted average remaining contractual life (years)		8 years 14 days
Exercise Price $29.63 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 29.63
Number of options		100,000	100,000
Weighted average remaining contractual life (years)		8 years 3 months 29 days
Exercise Price $31.62 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 31.62
Number of options		75,000	75,000
Weighted average remaining contractual life (years)		8 years 5 months 1 day
Exercise Price C$4.90 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares			$ 4.90
Number of options		129,503	129,503
Weighted average remaining contractual life (years)		4 years 4 months 28 days
Exercise Price C$5.06 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares			$ 5.06
Number of options		20,000	20,000
Weighted average remaining contractual life (years)		6 years 1 month 9 days
Exercise Price C$9.76 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price | $ / shares		$ 9.76
Number of options		50,000	50,000
Weighted average remaining contractual life (years)		9 years 1 month 17 days

SHAREHOLDERS' EQUITY (Summary_3

SHAREHOLDERS' EQUITY (Summary of Warrants Activity) (Details)	Dec. 31, 2022 $ / shares shares
Number of Warrants
Number of Warrants, Beginning balance (in shares) | shares	3,234,750
Number of Warrants, Ending balance (in shares) | shares	3,234,750
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance (in dollar per share) | $ / shares	$ 4.84
Weighted Average Exercise Price, Ending balance (in dollar per share) | $ / shares	$ 4.84

SHAREHOLDERS' EQUITY (Summary_4

SHAREHOLDERS' EQUITY (Summary of Warrants Outstanding) (Details) - $ / shares	1 Months Ended
	Feb. 09, 2023	Dec. 31, 2022	Sep. 30, 2021
Warrant outstanding and Exercise price
Number of Warrants		3,234,750	3,234,750
Exercise price (in dollars per share)		$ 4.84	$ 4.84
Warrants Expired	307,273
Warrants Exercise Price $66.00 [Member]
Warrant outstanding and Exercise price
Number of Warrants		227,273
Exercise price (in dollars per share)		$ 66
Expiry Date		Jan. 14, 2023
Warrants Exercise Price $42.80 [Member]
Warrant outstanding and Exercise price
Number of Warrants		7,477
Exercise price (in dollars per share)		$ 42.80
Expiry Date		Nov. 18, 2023
Warrants Exercise Price $4.00 [Member]
Warrant outstanding and Exercise price
Number of Warrants		80,000
Exercise price (in dollars per share)		$ 4
Expiry Date		Jan. 09, 2023
Warrants Exercise Price $0.0001 [Member]
Warrant outstanding and Exercise price
Number of Warrants		2,920,000
Exercise price (in dollars per share)		$ 0.0001
Expiry Date		Aug. 23, 2024

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Accounts Payable and Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 90,956	$ 81,225

SEGMENTED INFORMATION (Narrativ

SEGMENTED INFORMATION (Narrative) (Details)	3 Months Ended
	Dec. 31, 2022 segment
SEGMENTED INFORMATION
Number of industries	1

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK (Narrative) (Details) - 3 months ended Dec. 31, 2022	USD ($)	CAD ($)	USD ($)
Working Capital			$ 161,652,689
Cash, CDIC insured amount		$ 100,000
Cash, FDIC insured amount			$ 250,000
10% Change in Foreign Exchange Rate [Member]
Foreign currency risk, fluctuation in the net income (loss) reported due to change in exchange rate	$ 1,966